Petsec Energy has completed the acquisition of both the Mitsui E&P Middle East B.V. (8.5%) and AWE Limited (21.25%) Participating Interests in the Block 7, Al Barqa Permit, in the Republic of Yemen - combined 29.75% Participating Interest in Block 7.

Block 7 is an onshore exploration permit covering an area of 5,000 square kilometres (1,235,527 acres) located approximately 340km east of Sana'a, the capital of Yemen. The block contains the Al Meashar oil discovery as well as an inventory of leads and prospects defined by 2D and 3D seismic surveys, which hold significant oil potential.